For net interest income, we expect continued pressure on margins in 2016, while we will benefit from volume growth and lower funding costs.
We expect the underlying trend in net fee income that we saw in 2015 to continue, but we do not expect to repeat the high level of remortgaging activity.
Net trading income remains subject to customer activity and volatility in the financial markets.
Net income from insurance business is expected to be around the 2015 level.
Expenses are expected to decline from the level in 2015. We will continue our strong focus on costs to fuel investments in digitalisation and customer solutions. Costs will benefit from a lower net contribution to the resolution fund and the deposit guarantee fund, and from lower depreciation on intangible assets.
Loan impairments are expected to be at a low level because of our ongoing efforts to improve credit quality and expectations of a generally unchanged macroeconomic climate.
Profit before tax at Non-core is expected to be close to zero.
Net profit for 2016 is thus expected to be in line with net profit before goodwill impairments in 2015.
Last updated on 2 February 2016